证券民事责任研究

【作者】 杜昱；

【导师】 李昌麒；

【作者基本信息】 西南政法大学 ， 经济法， 2004， 硕士

【摘要】 证券民事责任是指参与证券活动的主体，违反证券法律的有关规定或当事人之间的约定，给投资者造成损失，而应当承担赔偿等民事责任。证券市场的繁荣和发展，在很大程度上取决于投资者对市场的信心的维持；而投资者对证券市场的信心的维持，又依赖于对违法违规行为的遏止和对投资者权益的保护和救济。如果投资者的权益受到损害后，无法获得法律上的救济和保障，那么投资者的信心就难以维持。在各种法律责任中，只有民事责任才是投资者最为关心的问题。即使违法者被施加刑事责任或行政责任，但是对于受害者来说，并没有获得任何补救和利益。我国证券法中民事责任的缺位是显而易见的，证券民事诉讼的司法实践也处于初步的探索之中。写作本文的目的，就在于希望对我国证券民事责任的完善有所裨益。 我国目前较为普遍的观点是将民事责任限定为侵权责任，但本文认为证券民事责任包括证券违约责任、证券侵权责任和证券缔约过失责任。对于证券违约责任，本文简要介绍了几种典型的证券合同，包括证券投资咨询合同、证券经纪合同、证券买卖合同，对证券违约责任的构成要件、归责原则等进行了尝试性的探讨。对于证券侵权责任，对几个典型的侵权行为展开论述，包括虚假陈述、操纵市场、欺诈客户、内幕交易和擅自和虚假发行。对各种具体的证券侵权行为从行为的种类、行为的特征、责任主体、请求权人以及责任的构成等方面进行分析研究，从而试图对问题的探讨具有一定的深度性和可操作性，并根据我国现有的立法现状提出了一些完善立法的相应建议。对于缔约过失责任，本文通过美国典型的案例以及国内证券市场中普遍存在的违法现象进行了简要的分析，从而得出这一结论：证券缔约过失责任制度应当包括在证券民事责任当中，并且应当通过相应立法予以规制。 通过对证券民事责任的研究，本文提出了完善证券民事责任的建议，主要是完善证券法律法规的相关规定，同时从宏观调控层面入手，进一步加强证券监管体系的建立和完善。 完善证券法律法规的建议包括：1、完善我国《证券法》，主要是通过完善法律责任一章中有关证券民事责任的相关规定，从而对证券民事责任的责任主体、承担责任的归责原则以及证券民事赔偿数额的计算方式等相关内容作出详细且具有可操作性的规定;2、完善除《证券法》之外的其他证券法律法规的规定，包括最高人民法院针对《证券法》具体问题如何适用法律所作出的司法解释。充分利用法规、规章及司法解释对于基本法律的互补性，使证券民事责任的法律规定无论从内容方面还是在实际可操作方面，都能够得到进一步的完善。 在完善证券法律法规的同时，应当从宏观角度进一步加强证券监管体系的建立与完善。因为，我国证券市场建立的时间不长，还没有得到充分的发展与完善，证券市场的许多问题单纯依靠法律法规的规定逊佳以涵盖全部，为了能够切实保障证券市场中的广大投资者的利益不受侵犯，除了完善法律法规这一事后救济的方式以外，还应当完善事前救济手段，即建立完善而且有效的证券监管体系，从宏观角度对证券市场以及证券民事责任予以规范。更多还原

【Abstract】 Civil liability means civil liabilities such as compensation for damage etc, which should be beard by the party participates in securities acts and which violates the relevant provisions of laws and regulations of security or the agreements between the parties and causes losses of investors.The prosperity and development of securities market largely depend on maintenance of investors’ confidence to securities market, which requires holding back illegal acts and protecting investors’ legal rights and interests. Where investors’ rights and interests are damaged and can not be relieved through legal proceedings, investors’ confidence will not be maintained. It is civil liabilities such as criminal liability and administrative liability. The reason is that only civil liability can compensate for the losses of investors. Deficiency of civil liability in Securities Law of PRC is evident, and judicial practices of civil litigation of security is also at the beginning. The author hopes this article will be helpful to perfecting the system of civil liability of security.This article falls into three chapters. Chapter one outlines civil liability of security. In this chapter, the author introduces the definitions of civil liability of security and four special functions on civil liability of security. The author also discusses the necessity of civil liability of security.In chapter two, the author advocates civil liability of security which includes security for breach of contract, securities liability for tort and securities liability for pre-contract. First, the author introduces contract for securities investment consultancy, securities brokerage contract and securities sale contract, and makes preliminary investigations on doctrine of liability fixation and important constructive conditions etc. Second, the author analyzes and studies civil liability for typical tortuous acts, such as false statement, manipulation of securities market, insider trading and fraud on clients. The author makes some suggestions on how to complete civil liability of security according to existing security market. Finally, on studying American cases and illegal acts in our security market, the author analyzes securities pre-contracted liability and concludes that civil liability of security should consist of securities pre-contracted liability.Moreover, the author gets a research on the fulfillment system of civil liability of security through civil litigation, and makes suggestion that we should introduce class action system from the regulations of USA.In chapter three, the author puts forward some suggestions to complete civil liability of security. First, we should modify Securities Law of PRC. Among chapter of legal liability, supply relevant provisions on civil liability of security. Second, complete other regulations other than Securities Law of PRC. Last, strengthen security supervision and regulate our security market in general.Comparative study method is adopted in this article. Relevant provisions of USA and of Hong Kong are chosen as the objects of comparative study. China should draw on the more experiences of them.更多还原